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Renewable capacity set for 50% growth over next few years, IEA says
Key Excerpts from Article on Website of CNBC News
Posted: December 31st, 2019
https://www.cnbc.com/2019/10/21/renewable-capacity-set-for-5...
Renewable power capacity is forecast to increase by 50% between 2019 and 2024, the International Energy Agency (IEA) said. According to its Renewables 2019 market report, the increase will amount to 1,200 gigawatts (GW) and be driven by drops in cost and what the IEA described as concerted government policy efforts. Capacity refers to the maximum amount that installations can produce, not what they are currently generating. In 2018, renewable capacity hit just over 2,500 GW. If the IEAs forecast plays out, it would bring total renewable capacity to approximately 3,700 GW by 2024. Solar photovoltaics (PV) are due to make up nearly 60% of the expected rise, with the onshore wind sector accounting for 25% and offshore wind responsible for 4%. Photovoltaic refers to a way of directly converting light from the sun into electricity. The IEA said that distributed solar PV systems installed on commercial buildings, homes and in industry would make up nearly half of the increase in the solar PV market. Overall, renewables share in worldwide power generation is seen growing from 26% now to 30% in 2024. For 2019, renewable power capacity additions are seen increasing by 12% following a stall last year. Growth this year is being driven by solar PV, which has benefited from rapid expansion in the European Union, a stronger Indian market and an installation boom in Vietnam. Growth in the onshore wind sector is also cited as a contributing factor.
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